U.S. stock futures trended higher on Wednesday morning as investors await the Federal Reserve’s interest rate decision following its two-day policy meeting and earnings reports from Big Tech. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.42%, 0.25%, and 0.14%, respectively, at 8:10 a.m. EDT on October 29.
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During Tuesday’s regular trading session, all three major indexes closed higher for a second consecutive day, driven by strong earnings, optimism about artificial intelligence, and expectations of a favorable outcome from the Fed meeting. The Nasdaq Composite, the Dow Jones, and the S&P 500 rose 0.80%, 0.34%, and 0.23%, respectively, yesterday.
Coming to trending stocks, Nvidia (NVDA) stock continued to rise in Wednesday’s pre-market trading after touching a new 52-week high yesterday following positive updates from CEO Jensen Huang at the GTC event in Washington, D.C. The favorable updates pushed Nvidia stock’s market valuation closer to $5 trillion for the first time. Several Wall Street analysts, including a top D.A. Davidson analyst, raised their price targets for NVDA stock following the key updates.
Meanwhile, Teradyne (TER) stock jumped more than 21% in pre-market trading, as investors cheered the chip-testing equipment maker’s upbeat Q3 results and impressive fourth-quarter outlook.
At the same time, traders are awaiting some major earnings today, including quarterly reports from Alphabet (GOOGL), Meta (META), Microsoft (MSFT), Carvana (CVNA), and Starbucks (SBUX). Meanwhile, Caterpillar (CAT) stock jumped about 5% in Wednesday’s pre-market trading after the heavy construction equipment maker reported better-than-expected Q3 results. Shares of health insurer Centene (CNC) soared 9% after the company reported a surprise Q3 profit and raised its annual guidance. In contrast, Boeing (BA) stock trended lower after reporting a massive $4.9 billion charge tied to its long-delayed 777X wide-body jet.
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